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Rising Demand For Public Transportation Drives Growth In The Micro-Mobility Market: Key Factor Driving The Growth In The Micro-Mobility Market
Micro-Mobility
What Is the Current Micro-Mobility Market Size and Its Estimated Growth Rate?
The scale of the micro-mobility market has significantly ramped up in the latest years. Its evolution is predicted to rise from $62.98 billion in 2024 to $75.85 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.4%. Factors such as urbanization, changes in consumer patterns, economic variables, the impact of COVID-19, and infrastructure expansion have played a key role in the growth witnessed during the historical timeline.
Anticipated to witness spectacular expansion in the approaching years, the micro-mobility market is projected to balloon to $166.8 billion by 2029, propelled by a compound annual growth rate (CAGR) of 21.8%. This anticipated advance during the prediction period can be credited to international happenings and pandemics, health and wellness inclinations, consumer predilections, incorporation of data and AI, along with collaboration with public transit. The forecast period will be characterized by significant trends, including electrification, diversity in vehicles, autonomous micro-mobility, emphasis on user-centric design, and the circular economy initiative.
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What Are the High-Growth Segments in the Micro-Mobility Market?
The micro-mobility market covered in this report is segmented -
1) By Type: Bicycles, E-Bikes, E-Kick Scooters, Other Types
2) By Speed: Up To 25 Kmph (Kilometers Per Hour), 25-45 Kmph (Kilometers Per Hour)
3) By Propulsion: Human Powered, Electrically Powered
4) By Sharing Type: Docked, Dock-Less
5) By Ownership: Business To Business, Business To Consumers
Subsegments:
1) By Bicycles: Traditional Bicycles, Folding Bicycles, Cargo Bicycles
2) By E-Bikes: Pedal-Assist E-Bikes, Throttle-Controlled E-Bikes, E-Mountain Bikes
3) By E-Kick Scooters: Standalone E-Scooters, E-Scooter Sharing Systems
4) By Other Types: E-Mopeds, Segways, Electric Skateboards
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What Key Drivers Are Expected to Influence Future Micro-Mobility Market Growth?
The micro-mobility market is poised for growth, fueled by the escalating need for public transportation. Public transport, encompassing buses, trains, and metros, enables collective commute along certain paths, thus driving the need for micro-mobility. Micro-mobility services are effective in organizing transport or movement in highly populated areas, promoting individual travel, and offering users more convenient transportation options. With increasing urbanization, micro-mobility sees a surge in demand, as the need for transport access grows. For instance, in the USA in September 2022, the US Bureau of Labor Statistics, an organization dedicated to economic expansion and fiscal stability, reported a 72% increase in the total consumer spending on public and other kinds of transport in 2021. This included escalated prices for intercity bus journeys by 87.4% and intercity train fares by 40.7%. Hence, the surging demand for public transport is set to spur the micro-mobility market.
Which Companies Hold the Largest Share Across Different Micro-Mobility Market Segments?
Major companies operating in the micro-mobility market include Yadea Technology Group Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Xiaomi Corp., Segway Inc., Swagtron, Airwheel Holding Limited, Yamaha Motor Co. Ltd., Accell Group N.V., Derby Cycle AG, Neutron Holdings Inc., Bird Rides Inc., ElectricFeel AG, Beam Mobility Holdings Pte. Ltd., Dott B.V., Yulu Bikes Pvt. Ltd., Voi Technology AB, Tier Mobility GmbH, Dynamic, Helbiz Inc., Veo Technologies Inc., Razor USA LLC, Ninebot Inc., Gogoro Inc., Superpedestrian, VanMoof, Cowboy, Spin
What Trends Are Driving Growth in The Micro-Mobility Market?
The advent of product innovations appears to be crucial in the micro-mobility market's rising trend. Major businesses in this market are focusing on creating innovative products filled with advanced technology as a strategy to outperform their competitors. An instance of this would be LIME, a shared micro-mobility firm from the US, which in January 2022, released the Gen4 E-bike. This electric bike comes with an exchangeable and replaceable battery. It stands out with its high-powered motor, a compartment for mobile phones, a handlebar featuring display mirroring, an automatic two-speed transmission, and a modular structure.
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What Are the Emerging Geographies for The Micro-Mobility Market Growth?
Asia-Pacific was the largest region in the micro-mobility market in 2024. North America is expected to be the fastest-growing region in the micro-mobility market during the forecast period. The regions covered in the micro-mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Micro-Mobility Market?
2. What is the CAGR expected in the Micro-Mobility Market?
3. What Are the Key Innovations Transforming the Micro-Mobility Industry?
4. Which Region Is Leading the Micro-Mobility Market?
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